FISCAL NOTE

FUND(S):

0586

Sources of Revenue:

General Fund

Legislation creates:

Neither Program nor Fund

Fiscal Note Summary

Effect this measure will have on costs and revenues of state government.

Senate Bill 359,if enacted, would change provisions related to the Underwood -Smith Teacher Scholarship Fund. The legislation would change the name of the Fund to "Underwood -Smith Teacher Scholarship and Loan Assistance Fund" The current budget for the Underwood Smith Scholarship is about $130,000. This amount funds approximately 30 awards annually. The amount of additional loans to be funded would depend upon the level of additional appropriations. If no additional appropriations are made, additional loans could be funded by increasing the proportion of loans made from existing funds.